Verve Therapeutics (NASDAQ:VERV) Shares Gap Down Following Analyst Downgrade

Verve Therapeutics, Inc. (NASDAQ:VERV - Get Free Report)'s share price gapped down prior to trading on Tuesday after Royal Bank of Canada lowered their price target on the stock from $17.00 to $15.00. The stock had previously closed at $6.17, but opened at $5.86. Royal Bank of Canada currently has an outperform rating on the stock. Verve Therapeutics shares last traded at $5.93, with a volume of 651,003 shares traded.

A number of other analysts have also recently commented on the stock. Canaccord Genuity Group boosted their target price on shares of Verve Therapeutics from $29.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. HC Wainwright boosted their target price on shares of Verve Therapeutics from $14.00 to $15.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Finally, William Blair reissued an "outperform" rating on shares of Verve Therapeutics in a research note on Friday, February 21st. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $25.50.

Institutional Trading of Verve Therapeutics

Several large investors have recently bought and sold shares of the business. BVF Inc. IL grew its stake in Verve Therapeutics by 962.2% during the 4th quarter. BVF Inc. IL now owns 6,904,050 shares of the company's stock valued at $38,939,000 after acquiring an additional 6,254,050 shares in the last quarter. State Street Corp grew its stake in Verve Therapeutics by 27.0% during the 3rd quarter. State Street Corp now owns 4,253,217 shares of the company's stock valued at $20,586,000 after acquiring an additional 903,809 shares in the last quarter. Schonfeld Strategic Advisors LLC boosted its holdings in Verve Therapeutics by 57.4% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 3,789,379 shares of the company's stock valued at $21,372,000 after purchasing an additional 1,382,176 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in Verve Therapeutics by 18.5% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,848,071 shares of the company's stock valued at $10,423,000 after purchasing an additional 288,678 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Verve Therapeutics by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 1,625,780 shares of the company's stock valued at $9,172,000 after purchasing an additional 25,093 shares during the last quarter. Hedge funds and other institutional investors own 97.11% of the company's stock.

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Verve Therapeutics Trading Up 1.5 %

The company has a market capitalization of $595.82 million, a price-to-earnings ratio of -2.73 and a beta of 1.77. The firm's fifty day simple moving average is $6.95 and its two-hundred day simple moving average is $6.07.

Verve Therapeutics (NASDAQ:VERV - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($0.58) earnings per share for the quarter, beating the consensus estimate of ($0.72) by $0.14. The company had revenue of $13.08 million for the quarter, compared to analyst estimates of $3.94 million. Verve Therapeutics had a negative net margin of 807.65% and a negative return on equity of 35.23%. As a group, analysts forecast that Verve Therapeutics, Inc. will post -2.49 EPS for the current fiscal year.

Verve Therapeutics Company Profile

Verve Therapeutics, Inc, a clinical stage genetic medicines company, engages in developing gene editing medicines for patients to treat cardiovascular diseases in the United States. The company's lead product candidate is VERVE-101, a single-course gene editing treatment that permanently turns off the PCSK9 gene in the liver; and VERVE-102, a product candidate that targets the PCSK9 gene for the treatment of HeFH.